The Federal Department of Finance (FDF) will ask the Federal Council to bring the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) - together with the Federal Council's implementing ordinances - into force on 1 January 2020. Transitional periods of two years are anticipated in principle.
The Federal Council is expected to take the final decision on the texts of the ordinances and their entry into force at the beginning of November 2019. In order to give the sector greater planning certainty, the FDF is already communicating today the key points on which the ordinances are to be amended after consultation (see enclosure). The entry into force on 1 January 2020 and the transitional periods of two years correspond to a concern raised last month by a clear majority of the financial sector.
Parliament adopted the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) on 15 June 2018. The Financial Services Ordinance (FinSO), the Financial Institutions Ordinance (FinIO) and the Supervisory Organisation Ordinance (SOO) contain the corresponding implementation provisions of the Federal Council. They were subject to a consultation procedure from 24 October 2018 to 6 February 2019.
Contact:
Legal Services, State Secretariat for International Finance SIF, Tel. + 41 58 465 34 81, rechtsdienst@sif.admin.ch
Last modification 09.09.2019